HDFC All Set To Invest Rs 4,000 Cr To Maintain Stake In HDFC Bank
After its planned merger with the Centurion Bank of Punjab (CBoP), Housing Development Finance Corporation
(HDFC) is all set to invest more than Rs 4,000 crore in HDFC Bank in order to uphold
its shareholding in the leading private sector lender.
Earlier, the board of directors of HDFC Bank said that in
the event of the merger with CBoP, it would think about making a preferential
offer to its promoter, Housing Development Finance Corporation Ltd, to allow
HDFC to maintain its shareholding proportion in the bank.
HDFC Bank has decided to issue 2,62,00,220 equity shares and
other securities at Rs 1530.13 to its promoter group, Housing Development
Finance Corporation Ltd, HDFC Investments Ltd, HDFC Holdings Ltd and Home Loan
Services India Private Ltd on preferential basis, the bank said.
For the quarter ended December 31, the promoters hold 23.28%
On February 23, HDFC Bank and Centurion Bank of Punjab had agreed, in principle, to merge to make the
country's biggest private sector financial institution in terms of branch
The preferential allotment would be pursuant to the SEBI rules
and would be subject to approvals of shareowners, RBI and other regulatory